Investors rush to the safety of the bullion in the wake of an escalating Russia-Ukraine crisis
Bengaluru — Gold prices on Monday scaled the $2,000 level for the first time in a year-and-a-half, as investors rushed to the safety of the metal in the wake of an escalating Russia-Ukraine crisis, while supply disruption fears sent palladium to an all-time high.
“If this was risk aversion driven by the US Federal Reserve as seen ahead of this war, that wasn't something that lifted gold as that risk aversion was about rising rates, which is not an environment in which gold does well,” said Ilya Spivak, a currency strategist at DailyFX. Fighting stopped about 200,000 people from evacuating the besieged Ukrainian city of Mariupol for a second consecutive day on Sunday, as Russian President Vladimir Putin vowed to press ahead with his invasion unless Kyiv surrenders.
Spot gold may keep rising towards $2,065 per ounce, driven by a powerful wave C, according to Reuters' technical analyst Wang Tao.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks plunge, oil rockets, gold tops $2,000 on Ukraine fearsTrading floors were a sea of red in early exchanges with experts warning of a period of stagflation with the spike in crude likely to light a fire under already high inflation.
Read more »
OPINIONISTA: That pot of gold at the end of all our rainbowsMany of us harbour a whimsical hope that fortune may one day provide us with the mythical riches that we dreamed of in our childhoods. What if they’re right in front of us, but we just haven’t noticed them yet?
Read more »
CCMA in last mediation to avert strike at Sibanye gold minesUnions are bent on action by Thursday unless the management gives in to their demands
Read more »
Gold bulls in for a wild rideThere’s one corner of the market where one man’s war is another man’s riches, but how long will it last?
Read more »
Stocks plunge, oil rockets, gold tops $2,000 on Ukraine fearsTrading floors were a sea of red in early exchanges with experts warning of a period of stagflation with the spike in crude likely to light a fire under already high inflation.
Read more »
Today marks 2 years since SA recorded its first COVID-19 caseOn 5 March 2020, former Health Minister Zweli Mkhize announced that The National Institute of Communicable Diseases confirmed that a suspected case of COVID-19 has tested positive.
Read more »